What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stock plus crypto trading app that sets itself apart from its competitors by charging no fees.
A online financial services company launched in the Fall twenty fourteen originally as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has evolved considerably over the past eight years to feature Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows investors to trade stand alone stocks and ETFs without paying any fees. The exception is when trading stocks and ETFs which are denominated in USD currency. In this case, they will charge a currency conversion fee when buying and selling. However, behind us are the days of paying more than $7 per each trade with digital discount brokerages as was the case just a few years ago.
How Much Money Will I Need to Have to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique such that they will allow investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have quite large minimum deposit amounts of 1k-5K. This makes it hard for the normal investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. You can select both RRSP and TFSA accounts during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app that is available on Apple and Android. The app makes the signup steps and the trading of stocks and ETFs very painless.
But Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). These folks have been in business for more than 7 years and right now employs more than 600 people. The primary owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to add money to a new account. Just connect to a chequing or savings account with your Trade account, and add money to your account in simply a couple of clicks. Deposits from banks to Wealthsimple normally take only a couple of days. Funds can just as easily be moved back to your chequing or savings account through the exact same steps.
Which Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-transfers which allow you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and submit your tax return online free. It’s pitched as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product that allows one to get 1% cashback on all your purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a bunch of courses on topics like saving, investing, crypto, mortgages and more.
Each of the mentioned products, along with Wealthsimple Trade may be accessed inside the mobile app or from the website with a single login.
But How Should I Get Started With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For a special signup bonus offer to our audience you’ll receive the equivalent cash value of a stock worth up to $4,500 CAD once you add funds to your account.
So What if I Still Have Questions About Your Deposit Needs To Settle Wealthsimple?
If this blog post didn’t answered all of your questions, and you’re searching for more facts about Your Deposit Needs To Settle Wealthsimple, check out the Wealthsimple website for answers to each your questions.